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Middle class screwed by Trump's tax "cut"   Economy & Healthcare

Started Feb-8 by DigYourGig; 189 views.
Sparks500

From: Sparks500

Feb-8

Idk how people do it. Trump is nothing but a con man, a used car salesman. He’ll piss on your head and tell you it raining lemonade, and these idiots believe him. Are they that desperate?
Knotpicky (RUTA)

From: Knotpicky (RUTA)

Feb-8

I don't have much sympathy for them. If they had bothered to read factual news reports about that tax reform bill, they would have known about the caps and about the removal of exemptions. But no, they believed that liar and crook, pure scam artist Trump, and didn't pay attention to factual news.

I hope this hits the GOP in Congress, as they're the ones who wrote and passes this farce of a "tax reform" bill. Vote them all out.

DigYourGig
Host

From: DigYourGig

Feb-8

The right wingers don't care if Trump screws them over... so long as he's "owning the libs." Trump could burn down their homes and rape their children, but they'd still support him because it somehow "owns the libs."

It's the same effect we saw during the Obama years: Right wingers hated Obama far more than they loved America.

48mirage

From: 48mirage

Feb-9

Most folks don't analyze changes.  They just accept the news that involves an emotional response.

In this case, the taxes held out of their checks went down, that felt good, but they didn't foresee the inevitable.  You pay less in you are going to get less back.

Knotpicky (RUTA)

From: Knotpicky (RUTA)

Feb-9

I imagine it did feel good to people whose withholding went down. However, if they had bothered to look at all at the details, they would have had a hissy fit, and increased their withholding.

The personal exemption in 2017 was around $4000, and the standard deduction was around $14,000. So a family with 2 children had exemptions of $16,000 and needed over $14,000 in deductions to itemize. That could be easily met if they have a mortgage, property taxes and maybe state and/or local income taxes. With the standard deduction they get $30,000 off their taxable income.

The 2018 changes removed the personal exemption and raised the standard deduction to $24,000. Now that family has to have over $30,000 in itemized deductions in order to have the same taxable income as in 2017.

A third child screws their taxes even worse. This arithmetic should have been front page headlines the day that the Republicans rammed that bill through. As I said in my previous post, we must vote every Republican out of Congress.

You're right that a lot of people have an emotional response to tax law. But taxes are numbers, not emotions.

DigYourGig
Host

From: DigYourGig

Feb-9

In my case, the loss of deductions is FAR worse than any extra left in my paycheck. I'm taking a big hit this year, thanks to Trump. But hey, at least I get to help out those depressed rich folk.

Knotpicky (RUTA)

From: Knotpicky (RUTA)

Feb-9

I'm sorry you got hit. I did our taxes today, but need to check for typos before filing. <g> I had done a quick mental calculation when the bill was passed and knew we would be okay, more or less, since there's only the 2 of us and we're both over 65, and we take standard deduction.

We go hit, but it's because we had a substantially higher income in 2018 than 2017 as my husband started receiving SS benefits in 2018 and the private high school he teaches at asked him to teach 4 classes this school year instead of the 2 last year. So I had paid in a little more estimated taxes than in 2017, but not enough to cover the additional income. We owe about $1100. I'll need to pay more in estimated taxes for 2019, just haven't done all the arithmetic yet.

I'm not upset, we're not rich but do have a comfortable income. After all, we fly to London for Christmas to see the kids and grandkids. <g> Son and family live in London, daughter and husband live in NYC and also fly to London for Christmas.

So here's my snark about the GOP tax reform - yeah, it'll pay for itself, by higher taxes on the middle class. As you said, we get to help those depressed rich folk.

Snick1946

From: Snick1946

Feb-10

We spent yesterday sitting at our tax person's office getting bad news. We will owe over $3000 after having owed less than a third of that last year. She told me I needed to start having taxes withheld from my retirement and SSA checks to avoid this next year. 

At one point she asked if we wanted to contribute $2 to the Federal Election fund. I told her that we'd always done that but we now think it's a bad investment. She looked taken back. That's probably not the worst retort she's had on that one.. 

Knotpicky (RUTA)

From: Knotpicky (RUTA)

Feb-10

That's bad news, sorry to hear you got hit by it. We'll consider having taxes withheld from SSA checks once our income settles down, and I have a better idea of what we'll make each year. I've been doing estimated taxes for over 40 years because of my self-employment, I'm quite used to it.

Yeah, it does make one wonder about the Federal Election fund. But we contribute to it every year. Maybe it helps somewhere, somehow...

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